Digital Ruble Approved by Russian Lower House Ahead of September Rollout Next Year

The Russian lower house has approved legislation for the digital Ruble, setting its official rollout for September 1, 2026. Major Russian firms and banks will be required to offer CBDC services by this date, with smaller firms following in 2027 and 2028. The bill mandates the use of digital Ruble QR codes for payments, and vendors must accept digital Rubles if requested by customers, although exemptions exist for businesses with limited internet access or annual earnings below 5 million Rubles ($63,900). While authorities are pushing for the digital Ruble to reduce cash transactions and improve financial inclusion, Sberbank has expressed doubts about its necessity. The Ministry of Finance sees the digital Ruble as a tool to reduce fraud in government contracts and benefit payments.